Nifty Trying To Sustain: But Macro Lowers The Support
The NSE Nifty spot closed at 5320 after choppy volatility on the weekend. Opened in gap down and closed nearer to previous day's close, which gives clear idea about consolidation till some more time. On monday, Nifty spot will have to fill the gap of 5220, or if it won't fill, the index will have to consolidate more in this coming week. If we look in to the lower indicators, position in MACD is still as it was, it is cutting upward. But Stochastic is making fresh cut from upside which shows the consolidation time for a period of approx 3-4 trading sessions. Intraday traders are advised to follow buy on deeps in Index future.
Happy Trading!!
Megha Investments & Research Team
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